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Whats your retirement plan? what age do you plan to retire by?

curious everyones take!


I was planning on diversifying into crypto, real estate multi family rentals, and build companies in the spare time.


I hope to retire by age 35 and by retire I mean have at least 100k/yr coming in without me needing to work


I just signed up for Ted Cruz's discord on wholesale real estate dealing, and have been listening too all the rich dad poor dad series, my parents were small business owners, and im the first in my family to have a salary job.


as for this week, I plan to buy some safemoon coin, listen to some more books, dive into getting my first wholesale real estate deal, and looking for properties to buy that can give me cash flow


(as well as hopefully landing a new job) lol

What age do you plan to retire by? (no longer having to work to survive)
Attached poll
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๐Ÿค‘ Side Hustle
๐Ÿ’Ž Cryptocurrency
๐Ÿ’ธ Investing
13
JDialz
Politicker
+5
COO
$100k net or gross?

Of course I'm biased, but without knowing anything about you my advice would be:

1) Engage a financial advisor who is capable and willing to hold you accountable and call you out when you're being dumb. Develop a strong professional relationship.
2) Don't listen to Dave Ramsey. Math is the path to achieving your goal, not emotions.
3) Sooner or later you will need to secure life insurance for multiple reasons. The sooner the better, because the first data point considered by underwriters is age. If your deals get to a certain price point or annual frequency an institutional lender may actually require that life insurance to be a part of your net worth.
4) Don't quit your day job until your passive income exceeds your earned income, or until your passive income reaches whatever goal you have - whichever is the bigger number. But when you do, never look back! All-in!
5) "If you're parents think it's a bad idea, it might be a good idea. If your spouse thinks it's a bad idea, it might be a bad idea."
SADNESSLieutenant
Arsonist
+8
SDR
wow what a high-quality comment, can I super upvote this?ย 

100k/ net

no spouse

planning on keeping the job until my monthly passive income exceeds my active income

Really been procastinating on life insurance, any reccomendations?
JDialz
Politicker
+5
COO
Term cannot be used in calculating your net worth, but there are kinds of term that can be used specifically for underwriting yourself (so to speak) when securing a major deal. Permanent LI is a factor in your net worth, and also has both living benefits and the death benefit. There are several kinds of permanent LI products. There is some very high level financial planning that wealthy people use to incorporate LI into their overall financial picture. The "rich person's Roth" is a key example, but really only makes sense when you get into it relatively early - before age 45, probably.ย 

Stay away from IUL. It's a terrible product on its face, mathematically fraudulent, and will probably be made illegal in many states soon anyway.
overheard_sales
Politicker
+6
CEO - Overheard_Sales
side hustles, investing, etc. It can be done
SADNESSLieutenant
Arsonist
+8
SDR
anything you'd reccomend?
overheard_sales
Politicker
+6
CEO - Overheard_Sales
Start a small meme page ;)ย 

But in reality, I love Acorns for easy investing. Throw some extra money in it each month, forget about it, let it grow. Takes the stress out of picking stocksย 
Show 4 more replies
StringerBell
Politicker
+7
Account Executive
Weโ€™re going to be living longer so I expect to work until Iโ€™m 70 - that gives me another 38 years to save for retirement and I think Iโ€™ll need that time to make sure I can retire.
SADNESSLieutenant
Arsonist
+8
SDR
Sheesh
SiliconBBQ
Politicker
+3
The Metal Rooster
i think we'll live longer too. but planning not to have to work until i'm 70. f that noise. there's assumptions either way but ageism is a thing and most get pushed / cut out as they age....
Simo
Politicker
+7
Director of Sales
2nd that. I also think I would get bored being retired so I plan to always have something I am working on.ย 
TheRealPezDog
Notable Contributor
+9
Account Manager
The GREAT thing about working in sales is that we can basically choose whatever number we want here!ย  And as long as the world stays "capitalists" none of us will ever have to worry about becoming unemployed because we have the skill and experience of SELLING.ย  YEAH BITCHES YEAH!ย 
CuriousFox
WR Officer
+11
Senior Account Executive
Dude I'm afraid if I retire I'll die.
slaydie
Politicker
+5
Account Executive
same! I'll continue working to keep me on my toes. But definitely won't be working any shit job, want to continue to work in places that I enjoy and contributing to something I care about.
CuriousFox
WR Officer
+11
Senior Account Executive
Agreed ๐Ÿ’ฏ
Show 1 more replies
SiliconBBQ
Politicker
+3
The Metal Rooster
that happened to my brother in law's father.

he worked in logistics in the City. worked his balls off his whole life. travelled all around the world for work but not much for pleasure. always planned to see and enjoy a bunch of places once he retired..ย  made a shit load of cash.ย 

my niece was born and he decided he would slow down. he was ~60. retired at 61 or 62. two months later diagnosed with ALS. about a year later - Adios.ย 

it was heartbreaking and eye opening. we do not decide when we go out. you can't take this money with ya. i don't think a single co-worker, or client showed up at his funeral.
CuriousFox
WR Officer
+11
Senior Account Executive
This is a terrible story! I'm sorry for your loss.
Show 1 more replies
HappyGilmore
Politicker
+7
Account Executive
Shooting to retire around 55, however a lot easier said than done. Doing my best to invest/save while also putting money away in a 401(k)
Chep
WR Officer
+10
Business Development Team Lead
Would love to earn enough to buy a Golf Course and then play it all the time and have it generate side income for me. Maybe wishful thinking as I'm sure Golf Courses are not easy to maintain, but I'll be damned if I don't at least live near a Golf Course when I retire
duckduckgos
Opinionated
+5
Business Development
Research the F.I.R.E. movement. Financially Independent Retire Early.ย 

My plans to retire early include:ย 

- Living below my meansย 
- Dividend Growth Investingย 
- 401K 10-15% maxing out employer match every yearย 
- ROTH IRA Max out every yearย 
- Developing side hustlesย 
- Increase income in current roleย 

To me, retiring early seems like it can be accomplished if you are disciplined and stick to a solid plan consistently over time. There is no magic bullet, just positive financial habits!
looper1010
Celebrated Contributor
+13
Account Executive
Same here! I'm a FIRE follower with the same old boring formula.ย  Would ideally like a 3.5%-4% SWR at $2M!
LordBusiness
Politicker
+8
Chief Revenue Officer
I think retirement would be boring as F.ย  My plan is to spend my retirement coaching high school football, and maybe sit on a couple of boards.ย 
SADNESSLieutenant
Arsonist
+8
SDR
right, but not because you have too, thats the point more so, I want time freedom, and I want it soon
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